Loss of a family member can be a real trying time.
Multiple responsibilities and formalities need to be completed in short span of
time. It is necessary to complete all the unfinished work left back by the
deceased person and also, to take charge of the family members. One of the most
taxing of all these responsibilities is to co-ordinate with the insurance companies
for the claim amount. When the insured person dies before the maturity of
his/her policy then the proceeds of life policy is to be claimed by his/her
nominee. So, lets’ today discuss how we stay prepared in case of some similar
situation. The process for online and offline policies is mostly same except
where do we make the first call.
We will discuss the entire method in chronological
order to understand it better:
Call
up your insurance agent /directly inform the Insurance Company
·
Inform the concerned insurance company about the details
of death of insured person and provide them about the policy number, date of
death and place of death.
· In offline polices, there is a claim intimation form
which needs to be submitted with the other set of documents. In online policy,
you can submit the form online.
· There is no specific time frame to intimate the
company. Although it should be as early as possible.
Who
can claim for the policy proceeds?
·
Any nominee or assignee can do this. In case if the
policy has no nominee, then the legal heir or legal executor of estate can
process it. Although, it doesn’t belong to him.
List
of Documents to be submitted for claim
- Filled-up claim form (provided by the insurance company)
- Death Certificate
- Original Policy document
- Deeds of assignments of policy, if any
- Legal title proof, if the policy is not assigned or nominated
- Form of discharge executed and witnessed (in case of hospitalization)
In case of accidental death, the following
additional papers need to be submitted:
·
FIR report
·
Post Mortem Report
·
Panchnama Report
How
much time does it take to settle the claim?
As per IRDA norms, any claim should be settled in 15-30
days of receipt of complete required documents. In case of any clarifications
or further probing, it should be completed in six months of receipt of claim.
All the major payments are nowadays made in NEFT mode.
Where
do we go to lodge a complaint – delayed payment or refusal of claim?
·
First Level of Complaint- Customer Care of
Insuring Company.
· Second Level - If the response of in house
customer care department is not satisfactory then he/she may write to the
Grievance Redressal Cell of IRDA, which then takes up the matter with the
concerned insurer.
If even at this level, the
customer is not satisfied, an Insurance Ombudsman will help them settle their
complaints in an out of court system. It plays an role of an arbitrator.
Some
things to be kept in mind while making a death claim:
a) Always
pay your premiums on time to avoid policy lapse or refusal of death claim.
b) While
applying for life cover, always reveal true facts regarding your health, age
and occupational hazards, if any.
c) Also,
keep ready the complete of required documents.
A detailed list of
Insurance companies to understand their claim process in detail
Claims Procedure
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website link
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Aegon Life Insurance Company Ltd.
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Aviva Life Insurance Co. India Pvt. Ltd.
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Bajaj Allianz Life Insurance Company Limited
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Bharti AXA Life Insurance Pvt. Ltd.
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Birla Sun Life Insurance Co. Ltd.
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Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
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DHFL Pramerica Life Insurance Company Limited
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Future Generali India Life Insurance Co. Ltd.
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HDFC Life
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ICICI Prudential Life Insurance Co. Ltd.
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IDBI Federal Life Insurance Co. Ltd.
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Exide life Insurance Co. Ltd.
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Kotak Mahindra Old Mutual Life Insurance Limited
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Life Insurance Corporation of India
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Max Life Insurance company Ltd.
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PNB MetLife India Insurance Company Limited
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Reliance Nippon Life Insurance Company Limited.
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Sahara India Life Insurance Co, Ltd.
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SBI Life Insurance Co. Ltd.
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Shriram Life Insurance Co. Ltd.
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Star Union Dai-ichi Life Insurance Company Limited
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IndiaFirst Life Insurance Company Limited.
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Tata AIA Life Insurance Company Pvt. Ltd.
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(Sourced from - http://www.lifeinscouncil.org)
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